The risks of business travel are numerous and can vary according to destination, time of year, the nature of the trip and activities planned, among other things.
Some general risks of business travel include:
- Cancelling due to illness
- Curtailing the trip for any reason
- Becoming ill and requiring medical treatment
- Sustaining injuries or hurting someone else accidentally
- Losing luggage, money or identification
- Exposing yourself or your employees to an increased risk of injury or death, depending on the destination
- Suffering delays due to severe weather
These general risks are not all-inclusive. The list lengthens considerably once individual circumstances are considered.
Types Of Cover
The following are six common types of cover available in a business travel insurance policy:
- Cancellation and curtailment.
- Personal property and money
- Medical expenses cover
- Personal accident cover
- Missed departure and delayed travel
- Personal liability and legal expenses cover
Although these six covers are common, they are not exhaustive; inevitably, they leave gaps in cover. Plug any gaps in your business’ policy by relying on policy extensions in the event of:
- Financial collapse of the scheduled airline
- Resumption of trip
- Natural disaster
The more extensions you purchase to complement your policy, the better you can protect your employees and ensure a successful outcome for their trip.
No matter how many extensions you purchase, certain activities and situations will probably never be covered by a business travel policy. Exclusions vary amongst insurers, but they typically refuse to pay claims in the event of:
- Radiation and contamination
- Criminal actions
- Winter sports
- Extreme sports
- Flying, unless as a fare-paying passenger
- Travelling against medical advice
- Pregnancy-related claims such as travelling within eight weeks of a due date
The multi-faceted nature of business travel insurance probably means your employees are under-insured in some way. Let Willis Insurance & Risk Management help you find these gaps before you find out the hard way.
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